Case Law Details
ITO Vs Pritesh Mafatlal Shah (ITAT Mumbai)
Hon’ble Delhi High Court in the case of CIT Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon’ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars.
In the case on hand the Ld. CIT(A) as well as Coordinate Bench in assessee’s case, only estimated the Gross Profit on the alleged non-genuine purchases without there being any conclusive proof of concealment of income or furnishing inaccurate particulars of such income. We do not find any infirmity in the order passed by the Ld.CIT(A) in deleting the penalty levied u/s.271(1)(c) of the Act for the Assessment Year under consideration.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
1. This appeal is filed by the revenue against order of the Learned Commissioner of Income-tax (Appeals)-44, Mumbai [hereinafter for short “Ld. CIT(A)] dated 18.09.2019 for the A.Y. 2011-12 in deleting the penalty levied u/s. 271(1)(c) of the Act made by the Assessing Officer.
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